Nissan Chairman, Carlos Ghosn, has been placed under arrest by Japan officials who suspect him of breaking financial laws in the country.
According to reports, Ghosn understated his financial income on company statements. Ghosn is one of the giants in the automotive world, since he is not only the chairman of Nissan, but the chairman Renault and Mitsubishi as well as the chief executive of Renault. His arrests come as a shock to the entire industry. Nissian had this to say:
“The investigation showed that over many years both Ghosn and Kelly have been reporting compensation amounts in the Tokyo Stock Exchange securities report that were less than the actual amount, in order to reduce the disclosed amount of Carlos Ghosn’s compensation.”
In the same statement, Nissan apologized to their share holders and promised that action will be taken against Ghosn.